Court orders to return Ceylinco Investment Company shares back to Lalith Kotelawaela

Chairman, Merchant Bank of Sri Lanka, Janaka Ratnayake, who is a relative of the President, has been ordered by court to return the shares of Ceylinco Investment Company he forcibly acquired back to the Company’s Chairman, Lalith Kotelawela.

Janaka Ratnayake had used his connections to the President to buy the 39% of Ceylinco Investment Company’s shares owned by Kotelawela. Through such moves, Ratnayake managed to indirectly take charge of Ceylinco Invetsments and the Fingara Town and Country Club, which provides food to Temple Trees.

This transaction had taken place when the Golden Key   case was being heard in court. Although Kotelawala’s 39% shares in Ceylinco Investments was not included in the case, it was later included when depositors informed court of its existence. The court had then ordered the 39% of Ceylinco Investment shares be returned to the Company.